Urals Energy Public Company Limited Rovneiko Settlement (0609C)

TIDMUEN

RNS Number : 0609C

Urals Energy Public Company Limited

13 January 2015

 
 Press Release   13 January 2015 
 

Urals Energy PCL

("Urals Energy" or the "Company")

Rovneiko Settlement

Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce that the Company has now signed a comprehensive settlement agreement with Mr V Rovneiko, a former Director of the Company, on all outstanding litigation and pending or threatened disputes, following the discussions announced on 18 November 2013. All parties to the dispute are pleased to bring it, and all other related or unrelated allegations, to a full and final resolution.

The ongoing litigation had arisen over two principal matters, namely the ADRA and the London Arbitration Award:

The ADRA: As part of the overall settlement, Mr Rovneiko has agreed to withdraw his claim for US$41 million arising out of the disputed ADRA, a claim that the Company has opposed vigorously over the last year;

The London Arbitration Award: As part of the overall settlement, the Company has agreed to terminate its recognition and collection efforts on the Arbitration Award, waive its rights and release Mr Rovneiko from any obligation thereunder.

The accounts of the Company in previous years did not make any provision for the ADRA claim whereas the loan which was the subject of the Arbitration Award had been fully written off in the accounts of the Company in previous periods. As a result, no current write off, provision or adjustment in the Company's accounts is required by the above settlements.

- Ends -

For further information, please contact:

 
 Urals Energy Public Company 
  Limited 
 Andrew Shrager, Chairman          Tel: [phone] 
                                              0300 
 Leonid Dyachenko, Interim     www.uralsenergy.com 
  Chief Executive Officer 
 
 
 Allenby Capital Limited 
  Nominated Adviser and Broker 
 Nick Naylor                            Tel: +44 (0) 20 
                                              3328 5656 
 Alex Price                      www.allenbycapital.com 
 

Media Enquiries:

 
 Abchurch 
 Henry Harrison-Topham /                  Tel: +44 (0) 20 
  Quincy Allan                                  7398 7710 
 [e-mail]   www.abchurch-group.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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